Volatility on the DEC16WMAZ contract has climbed steadily over the past 2months as shown in the line graph below. Published volatility climbed 1% after yesterday’s session to 35.5%. The 20-Day underlying volatility based on high and low differences and those based on the daily MTM moves is seen at 38% and 26.8% respectfully whilst the average is pencilled in at 32.4%.…